AI in Drug Development: How It is Transforming the Industry?
According to NCBI, every year, 6 to 7% of the world’s gross domestic product (about 8.5 to 9 trillion US dollars) is spent on healthcare. It can take up to 14 years and significantly exceed $1 billion to bring a novel drug to market. Across all therapeutic categories globally, the success rate in drug development is extremely low; for instance, 97% of cancer treatments fail during clinical trials.